Council to consider new apartment tower for Toowong

Marissa Calligeros

The development of a $23 million apartment complex in inner-Brisbane will be considered by Brisbane City Council on Tuesday.

The CS Development Group has applied to transform three lots on Land Street, near Toowong Memorial Park and The Wesley Hospital, into a 12-storey, 119-unit tower.

It is likely the development will receive the final green light from the council with Lord Mayor Graham Quirk already throwing his weight behind the project.

Apartment sales table

Cr Quirk said the Toowong-Auchenflower Neighbourhood Plan had identified the need for developments catering to both inner-city workers and university students.

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“With Brisbane’s economy predicted to double in size over the next 20 years, developments like these will help meet the growing accommodation needs of our city,” he said.

“As a neighbour to the Bicentennial Bikeway, the tower will benefit from Brisbane’s most significant active transport infrastructure development, providing direct links into the CBD, the University of Queensland, South Bank and Roma Street Parklands.”

The tower will sit alongside the Ipswich train line, parallel to Coronation Drive.

Supply in inner-Brisbane’s new apartment market has reached a four-year low, according to Place Advisory.

There were 1225 new apartments for sale at the end of March this year, according to Place Advisory’s latest Inner Brisbane Apartments Market Report.

That number of apartments would account for less than six months supply in the Brisbane market, Place Advisory director Lachlan Walker said.

“With new apartment sales remaining strong and supply having fallen to an historical low, it’s evident there is a continued undersupply of new off-the-plan stock in inner Brisbane,” he said.

Mr Walker said more than 650 new apartments were expected to sell in the current quarter.

“While some commentators have implied that the Brisbane market is likely to be oversupplied in the near term due to the proposed pipeline of apartments, in our opinion the majority of these projects will never actually make it to the open market, hence the undersupply will endure in the near term,” he said.

“There is indeed a substantial pipeline of proposed apartments, today numbering 22,000, but this has existed now for more than six years and is to be expected of a city whose population is set to double in the coming years.”

More than half of the apartments sold during the March quarter were two-bedroom properties, while one-bedroom apartments represented a further 40 per cent.

Twenty-six per cent sold for between $350,000 and $450,000.

“Going forward the inner south will be the area to watch – there is high demand from buyers in the inner south and it has a high potential for change,” Mr Walker said.

9 comments so far

Yes, that is a logical spot for it.

Commenter

two wongs

Date and time

June 10, 2014, 7:53AM

Good - the area around Toowong really needs more dwellings. This is a good spot for it too given the public and active transport links nearby.

Thanks for the laugh, Jimbo. You must not live in Brisbane if you think there is a snowflake's chance in hell that any bush land will be preserved as a result of higher residential buildings going up. That's not how things work around here. $$$.

Commenter

Livesarah

Location

Brisbane

Date and time

June 10, 2014, 5:42PM

Only 12 stories... I wouldn't call that a tower. How about more river crossings for cars than the ridiculous pedestrian bridges.

Commenter

Paul

Location

Toowong

Date and time

June 10, 2014, 3:14PM

You want to encourage people to drive their cars in the inner city???

Brisbane could definitely use a few more bridges around the place, but they should ONLY be for pedestrian, cyclist or public transport use.